v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
All of the Company’s indebtedness is debt of the Operating Partnership. AMH is not directly obligated under any indebtedness, but guarantees some of the debt of the Operating Partnership. The following table presents the Company’s debt as of June 30, 2026 and December 31, 2025 (amounts in thousands):
Outstanding Principal Balance
Interest Rate (1)
Maturity DateJune 30, 2026December 31, 2025
2028 unsecured senior notes (2)
4.08%February 15, 2028$500,000 $500,000 
2029 unsecured senior notes4.90%February 15, 2029400,000 400,000 
2030 unsecured senior notes4.95%June 15, 2030650,000 650,000 
2031 unsecured senior notes (3)
2.46%July 15, 2031450,000 450,000 
2032 unsecured senior notes3.63%April 15, 2032600,000 600,000 
2034 unsecured senior notes I5.50%February 1, 2034600,000 600,000 
2034 unsecured senior notes II5.50%July 15, 2034500,000 500,000 
2035 unsecured senior notes (4)
5.08%March 15, 2035500,000 500,000 
2051 unsecured senior notes3.38%July 15, 2051300,000 300,000 
2052 unsecured senior notes4.30%April 15, 2052300,000 300,000 
Revolving credit facility (5)
4.53%July 16, 2029390,000 360,000 
Total debt5,190,000 5,160,000 
Unamortized discounts on unsecured senior notes(32,848)(35,055)
Deferred financing costs, net (6)
(27,035)(29,210)
Total debt per balance sheet$5,130,117 $5,095,735 
(1)Interest rates are rounded and as of June 30, 2026. Unless otherwise stated, interest rates are fixed percentages.
(2)The stated interest rate on the 2028 unsecured senior notes is 4.25%, which was hedged to yield an interest rate of 4.08%.
(3)The stated interest rate on the 2031 unsecured senior notes is 2.38%, which was hedged to yield an interest rate of 2.46%.
(4)The stated interest rate on the 2035 unsecured senior notes is 5.25%, which was hedged to yield an interest rate of 5.08%.
(5)The revolving credit facility provides for a borrowing capacity of up to $1.25 billion and the maturity date includes two six-month extension periods. The Company had approximately $3.7 million and $3.2 million committed to outstanding letters of credit that reduced our borrowing capacity as of June 30, 2026 and December 31, 2025, respectively. The revolving credit facility is reflected on a fully extended basis and bears interest at the SOFR plus a margin of 0.85% as of June 30, 2026.
(6)Deferred financing costs relate to our unsecured senior notes and amortization of these deferred financing costs was $1.1 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.2 million and $2.6 million for the six months ended June 30, 2026 and 2025, respectively, and is included in gross interest, prior to interest capitalization.

Debt Maturities

The following table summarizes the contractual maturities of the Company’s principal debt balances on a fully extended basis as of June 30, 2026 (amounts in thousands):
Debt Maturities
Remaining 2026$— 
2027— 
2028500,000 
2029790,000 
2030650,000 
Thereafter3,250,000 
Total debt$5,190,000 

Interest Expense

The following table summarizes our (i) gross interest cost, which includes fees on our credit facilities and amortization of deferred financing costs and the discounts on unsecured senior notes, and (ii) capitalized interest for the three and six months ended June 30, 2026 and 2025 (amounts in thousands):
For the Three Months Ended
June 30,		For the Six Months Ended
June 30,
2026202520262025
Gross interest cost$61,198 $60,522 $122,407 $119,802 
Capitalized interest(11,671)(14,219)(24,658)(28,073)
Interest expense$49,527 $46,303 $97,749 $91,729